It’s Belgian Energy Week on the weblog this week with a second put up within the “All Belgian Shares” sequence. From these 20, randomly chosen shares, 7 made it onto the preliminary watch checklist, together with some actually fascinating firms. Let’s go !!
121. Galapagos
Galapagos has nothing to do with the Islands within the Pacific however is a Biotech firm that has spiked throughout Covid and misplaced -90% since then. They do have gross sales and even some earnings and in accordance with TIKR, they’ve a damaging EV of -1,8 bn.
Gilead owns 25% of the corporate. For some unusual cause, the damaging EV attracts me like a fly to the sunshine bulb, so I’ll put them on “watch”.
122. IBA – Ion Beam Utility
This 400 mn EUR market cap firm in accordance with Tikr “develops, manufactures, and helps medical gadgets and software program options for most cancers therapies in Belgium, america, and internationally”.
The corporate truly has gross sales and is waking out small earnings right here after which and has internet money.
Based on their final investor presentation, the corporate has fairly aggressive mid time period targets. If they might hit that, the inventory could be fairly low cost:
This sounds fairly fascinating, particularly because the have internet money and don’t appear to burn a lot money. “Watch”.
123. Econocom Group SE
This 393 mn EUR market cap IT distributor is sort of fascinating, as it is vitally low cost and appears to purchase again a big quantity of shares annually on prime of a present 7% dividend yield.
Alternatively, they’ve important internet debt and the share value has finished little for a few years. Margins are razor skinny, too.
Not my favourite sort of state of affairs, however I nonetheless will put it on the preliminary “watch” checklist.
124. Brederode
Brederode is a 3,4 bn EUR market cap funding firm that’s formally headquartered in Luxembourg however to my data is initially from Belgium.
Trying on the chart, long run worth creation seems fairly good with round 15% CAGR over the previous 10 years:
⅔ of their investments are in Personal Fairness, ⅓ in public securities. They’ve a fairly detailed checklist of their personal fairness fund investments on their web site which is sort of uncommon.
Their listed portfolio is one thing like a “giant cap high quality” portfolio. The NAV at 12 months finish was at round 128 EUR, so Brederode traded at a comparatively slim low cost of -20%.
Personally, I might not make investments right here however I believe it’s an fascinating instance of a effectively managed funding firm that manages to commerce at a comparatively slim low cost.
If somebody is in search of PE publicity, this could be a more sensible choice than the at present touted “PE for regular buyers” choices. “Move”.
125. BOUFFIOULX-ST-NICOLAS (Le Patrimoine Immobilier)
This Knowledgeable market inventory has traded final in 2023. Based on Euronext “Bouffioulx-St-Nico is an actual property certificates issued by the corporate Le Patrimoine Immobilier. The exercise of the corporate Le Patrimoine Immobilier consists in issuing certificates that provides the appropriate to a quota of the distributions and decided property offers revenue.” As I’m not concerned with Actual Property, I’ll “cross”.
126. AGENCE MARITIME MINNE
This Knowledgeable Market inventory appears to have by no means traded. “Move”.
127. Banimmo
Banimmo is a 38 mn EUR market cap actual property firm that has been flatlining for a few years. It appears to be a subsidiary f a Life Insurance coverage firm. “Move”.
128. Floridienne
Floridienne is a 686 mn EUR market cap Holding firm that produces a tremendous broad number of merchandise, from Chemical compounds to Connoisseur Meals and likewise recycles Batteries. Equally superb has been the efficiency over the previous 10 years:
The inventory first climbed slowly, however then took of like a rocket in 2021, doing general 8X over the previous 10 years.
If I perceive accurately, their largest division, Biobest, gives organic answer for Farmers to struggle bugs and ailments. And so they simply did a really giant acquisition in Brazil at 12 months finish 2023. The P&L does not likely inform the story why the share value went up a lot within the final 12 months. Possibly some readers know extra ? Pleased to listen to. Anyway, that is clearly one to “watch”.
129. Roton
This Knowledgeable Market inventory truly traded in 2024. Based on Euronext, this appears to be an bancrupt coal mine. “Move”.
130. Previous England
This Knowledgeable MArket inventory traded final in 2015. “Move”.
131. KBC
With a 28 bn market cap, KBC is clearly one of many bigger European banks. Trying on the chart we are able to see that the share value has been oscillating up and finished with out a pattern for a while:
As many different banks, the inventory is sort of low cost at a P/E of 9. The ROE is sort of good, on common like 12-14% p.a. which explains the 1,3x P/B valuation.
That is clearly a good financial institution however not what I’m in search of, “cross”.
132. Moury Assemble SA
This 218 mn EUR market cap building firm, owned 60% by the Moury household, has a fairly uncommon chart for a building firm:
The inventory kind of tripled over the previous 3 years:
Trying on the particulars, Moury might truly improve earnings by 6x during the last 6 years. To be sincere, I didn’t discover out why Moury has finished so effectively over the previous 3-4 years, possibly once more, a few of my readers might enlighten me why they’ve finished so effectively.
One fascinating facet is that Moury at all times appeared extraordinarily low cost primarily based on EV multiples, most certainly because of prepayments from purchasers.
In any case, it is a “watch”.
133. Exmar
Exmar is a 434 mn EUR market cap transport firm and an “Previous good friend of the weblog”. I invested into Exmar as a particular state of affairs in 2022 when it grew to become clear that they might divest theri LNG belongings at a really excessive value.
The paid out a fats further dividend of greater than 5 EUR per share in 2023. Earnings for 2023 have been very stable and the inventory seems low cost. It appears that evidently the generational handover inside the Savery household simply occurred in January. Within the annual report 2023 they point out Inexperienced Ammonia as a serious driver for the longer term. General, regardless of the volatility of transport, this inventory is a “watch”.
134. BARCO
BARCO is a 1,2 bn EUR market cap that “develops visualization options for the leisure, enterprise, and healthcare markets in Belgium and internationally.”
The inventory of BARCO has been fairly unstable as we are able to see within the chart:
Barco runs 3 segments, Healthcare, Enterprise and Leisure. 2023 numbers have been fairly stable. Barco has additionally give a fairly optimistic 2024 outlook with additional margin will increase:
Curiously, the corporate has a big internet money place. Q1 was comparatively weak, nonetheless administration confirmed the 2024 outlook.
General, this seems like a probably fascinating state of affairs, so I’ll put them on “watch”.
135. SOFINA
SOFINA, with a market cap of seven,5 bn EUR is among the largest Belgian Funding firms.
Trying on the inventory chart, we are able to see that SOFINA participated within the Covid Bul-run however then misplaced virtually -50%:
It is a first rate web page from their IR presentation displaying each, the final portfolio set-up in addition to the NAV low cost:
Digging one stage deeper, the portfolio seems fairly “Techy” with Bytedance (TikTok) because the second largest direct holding.
For somebody concerned with a diversified Tech/VC Portfolio, this might be fascinating, for me it’s not the appropriate factor, due to this fact “cross”.
136. Charbonnages du Bois-du-Luc
This Knowledgeable Market inventory has been traded final in 2015. From the title it appears to be a (Former) coal mine. “Move”
137. BOUWONDERNEMING VOORUITZICHT
This Knowledgeable Market Inventory has additionally traded final in 2015. “Move”.
138. Growners
Growners is an Knowledgeable Market inventory that in accordance with Euronext “focuses on skilled actual property buying and selling companies”. Final commerce was in 2021. “Move”.
139. AGFA Gevaert
AGFA is a 200 mn EUR market cap firm that was a part of the V&O Portfolio only some months in 2020.
Again then, it appeared like an fascinating “Among the elements” turnaround story with an activist current.
However clearly that hasn’t labored out as we are able to see within the chart:
Though they removed the offset enterprise to german Aurelius a while in the past, all of the remaining divisions have been struggling, particularly the biggest one, Radiology which appears to have important China publicity.
However, I might need to make a deep dive into AGFA in some unspecified time in the future, due to this fact I’ll put them on “watch”.
140. TISSAGES BRUGGEMAN
And one more Knowledgeable Market inventory which traded final in 2015. “Move”.
